Another way to lower your tax expense is topping off your 401k or IRA contributions.

401k contributions are limited to $18,000

If you are age 50 or older, you get an additional $6,000

IRA contributions are limited to $5,500

If you are married and your spouse doesn't work, you can open up an IRA for them and contribute the max of $5,500 in addition to your contributions to a 401k or IRA. You have until April 17th to contribute to your 401k or IRA for it to count on your 2017 tax return.

Conclusion

Not a lot is changing for the 2017 tax year but with the recent breach of Equifax make sure to file your tax returns as soon as possible. It looks like tax reform will happen this year but won't affect the 2017 tax year. If you have any questions feel free to contact us at info@walstonadvisoryfirm.com.